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MUMBAI: With the domestic IT industry staring at a shift in nature of work due to increasing use of digital technologies, a leading firm has said a majority of the workforce cannot imbibe the required emerging skill-sets, and warned of high job losses at the middle and senior levels.  "I am not very pessimistic, but it is a challenging task and I tend to believe that 60-65 per cent of them are just not trainable," Capgemini India's chief executive Srinivas Kandula said here over the weekend.
The domestic arm of the French IT major employs nearly one lakh engineers in the country.  "A large number of them cannot be trained. Probably, India will witness the largest unemployment in the middle level to senior level," he said at the annual Nasscom leadership summit here over the weekend.  He also flagged concerns surrounding the quality of IT workforce, saying much of the 3.9 million IT employees come from low-grade engineering colleges which do not follow rigorous grading patterns for students in their zeal to maintain good records.  The remarks come days after the industry lobby Nasscom said there is a need to re-train up to 1.5 million, or nearly half of its sectoral workforce. This is primarily on the back of a change in nature of work in newer, digital technologies.

 News source: Economics Times

Posted On Tuesday, 21 February 2017 06:58

2101

NEW DELHI: Income Tax officials could soon be at your doorstep if you have deposited a huge amount during the note-swapping exercise last year, and have not yet explained the source of the cash. "We have tried to keep the exercise non-intrusive. But if people have not come forward, then some kind of verification is needed especially in cases that involve deposits of large sums," a senior income-tax department official told ET.
Under the 'Operation Clean Money', the I-T department had sent out SMSes and e-mails to about 18 lakh people who deposited over Rs 5 lakh each during the 50-day window from November 10 to December 30, because the desposits did not tally with their income.
The depositors were asked by the I-T department to explain the source of the money by logging in to its portal. By February 15, about 7.3 lakh people responded to the emails and explained their deposits.
According to the official, the department is now contemplating issuing notices or carrying out surveys in cases where no response has come or the replies are unsatisfactory.
"In cases where responses are not satisfactory, notices would be issued. In some cases where big sums are involved and response is not satisfactory, surveys could be carried out," the official said, adding that people could be also asked to come to income-tax offices or tax officers may pay them a visit.
People with unexplained deposits during the demonetisation period have the opportunity to avail the Pradhan Mantri Garib Kalyan Yojana (PMGKY) by paying 50 per cent tax and depositing 25 per cent in non-interest bearing scheme for four years.
Incidentally, the I-T department is soon expected to send out the next batch of emails and SMSes, beginning the part two of the 'Operation Clean Money', which will target suspicious deposits below Rs 5 lakh identified through data analytics.
The department is examining the voluminous data received from banks on deposits made during the 50-day period. It is also hiring external experts to work on the data to identify splitting of deposits or use of other means to evade notice.

News source: Economics Times

Posted On Tuesday, 21 February 2017 06:31

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N Chandrasekaran: My belief is that this industry has tremendous potential. The technology business is getting stronger as it is getting embedded in technology. There is no question of lack of opportunities. N Chandrasekaran: My belief is that this industry has tremendous potential. The technology business is getting stronger as it is getting embedded in technology. There is no question of lack of opportunities.
But are there challenges? There will always be challenges. You will have to adapt. Let me give a cricket analogy. You are never going to play on a dead wicket. There will always be a few rough spots and the occasional ball will do its thing. So, you can either say there is turmoil or you can say that you have to play a particular ball carefully. That doesn’t mean you don’t play the other five balls. The best of the industry, and TCS, is yet to come.
Rajesh Gopinathan: The one thing everyone is clear about is that they are going to invest more in technology not less. The percentage of incremental spend will be higher tomorrow than it was yesterday. We are in that sweet spot and this is the only industry that can claim that.

How is the transition going?
Chandra: From the TCS point of view, this is just a formality. The entire leadership team, including Rajesh, has worked closely with me – some of them for 20 years, some even more. The last one month has been one of introducing Rajesh to key relationships that I enjoyed for a very long time... and more stepping off, and letting him take all decisions... (with) some advice. But I am not going away. I am very much around. 

I will provide as much support, cover... whatever you call it. These guys can reach out to me anytime.

Will you have the time to do that?
Chandra: You see, I am not going to be 100% on TCS. My travel will significantly come down. I am hoping for that. (laughs) International travel takes a toll. I have been doing that for a long time. I have been on the road for 180-200 days. For weeks, I have done four nights on a plane. Not once but many times. That’s bruising.

News source: Economic Times

 

Posted On Thursday, 16 February 2017 07:57

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When the Indian Space Research Organisation (ISRO) created a record by blasting 104 satellites into space on Wednesday it was not the only one entering the record books. With its remarkable feat ISRO helped a pioneering US-based startup, Planet, put 88 satellites in orbit- the largest satellite constellation ever, which would enable the company to image the entire planet daily.
ISRO's achievement was so remarkable that it went largely unnoticed that Planet now has the capability to image every piece of land, every day. The satellites launched are small and lightweight, but the combined strength is much more than what your conventional military satellites can achieve.
Planet's journey started in 2011 when it set the bold mission of imaging the entire Earth land area every day. Their internal calculation said it would take between 100-150 satellites to achieve this and it set about building it. The extraordinary effort involved miniaturizing the satellites, learning to produce them at scale, reducing cost to a fraction, building the world's second largest private network of ground stations; customizing an automated mission control system, creating the systems ..
"We were convinced that armed with such data, humanity would be able to have a significant positive impact on many of the world's greatest challenges," said Planet, co-founder and Chief Strategy Officer, Robbie Schingler in a statement. Schingler says next up is getting this data to its customers and to those who need it the most.

Who needs the data?

It has been an eventful 2017 for Planet. On February 3, the company announced it is acquiring Google's satellite arm Terra Bella, which included the SkySat constellation of satellites. On closing the deal Google will enter into a multi-year contract to purchase Earth-imaging data from Planet. Google has acquired Terra Bella about two years ago for as much as $500 million.

News source: Economics Times

Posted On Thursday, 16 February 2017 07:55

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After scoring a quick 50 in the second innings of the Hyderabad test against Bangladesh, Cheteshwar Pujara said the innings was important to change the perception about his batting in the shorter format. Seen in the context of the upcoming Indian Premier League (IPL) player auctions, this remark highlights Pujara’s plight. He is the only front-line Indian cricketer without an IPL contract, and clearly this rejection hurts.

Read more | How Virat Kohli and Steve Smith inspire new England Test skipper Joe Root

It is unlikely that Pujara’s T20 career will get rebooted at the IPL auctions in Bengaluru. Nine years since its glitzy start, the market-driven IPL bazaar is in correction mode. Central to this process is downsizing and cost-cutting. The axe is set to fall on unrealistic player buys.

IMPACT OF ECONOMICS

Not just Pujara,there could be depressing news for other Indian cricket stars. Sweeping changes that recently rocked the Indian economy have triggered tremors that also impact the IPL. And in this situation, it is likely big stars take a hit in cricket’s version of demonetisation.

Read more | Indian Premier League 2017 schedule: Hyderabad to host IPL opener on April 5

Just as 1000 rupee notes ceased to be legal tender, established stars who commanded top rupee in the past could find their stock drastically devalued. Gone are the days of crazy bids when teams paid Rs. 16 crore for Yuvraj and Rs. 8.5 for Pawan Negi. Franchise owners have realised that trophy buys that consume a large slice of the Rs. 66 crore player purse make no cricket or economic sense. The distilled experience of 9 IPL seasons suggests nobody, just nobody, deserves that kind of a pay cheque.

STARS NOT EVERYTHING

Earlier, owners green-lighted splashy purchases in the belief that stars would excite sponsors, drive ticket sales and sell merchandise. But such hopes were consistently belied; only Virat Kohli and MS Dhoni have genuine economic ‘pull’.

Gate revenue is practically unrelated to star presence because fans are attracted by the IPL spectacle and not excessively fussed about teams. And merchandise sales have turned out to be a bad joke because brand loyalty is weak and this revenue stream is in a perpetual state of drought.

News source: Hindus Times

Posted On Thursday, 16 February 2017 07:53
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